Tax Depreciation Specialists in Brisbane & Sunshine Coast

What is a tax depreciation schedule?

A tax depreciation report which schedules out the value of all the depreciable items within & around your investment property. Including Common items if in a complex.

The ATO allows investment property owners to claim for the wear and tear on these items each financial year.This can create significant reductions to your income tax payable and create a handy cash flow for you.

There have been recent changes to what can & can’t be claimed so be sure to speak with us to find out how YOU are effected.

Do you need a tax depreciation report?

Why do I need a Quantity Surveyor?

The ATO has assigned each and every depreciable item in your investment property a life. For example, an oven has a life of 12 years, which means a brand new oven can be included in your tax depreciation schedule every year for 12 years. What the ATO can’t say is what the item is worth – this is where we come in.

Under TR97/25, the ATO has authorised quantity surveyors to inspect and assess each item and give them a value. As there is possibility of overvaluing items, the ATO decided quantity surveyors had to be registered tax agents with the Tax Practitioners Board (TPB). In doing so, all TPB-registered quantity surveyors are bound by the TPB and ATO legislation and therefore must not provide false or misleading information on the depreciation schedule.

We are legally responsible for the information provided and therefore are diligent in providing accurate information.

How does Tax Depreciation work?

Depreciable items are broken into two categories: Capital Items, and Plant & Equipment.

Capital items are “fixed items” which include:

  • The building and other structures on the lot
  • Fencing
  • Paving, etc

These items are generally depreciable at 2.5% per annum for the life of the item (40 years).

Plant and equipment are “loose” items, including:

  • Kitchen appliances
  • Floor coverings
  • Window dressings, etc

Each item has a life as set by the ATO and fall into one of three categories:

  1. Items less than $300 in value and claimable at 100%
  2. Items between $301-$1000 and claimable at 37.5%
  3. Items greater than $1000 and claimable at a specific percentage each year

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 Why choose WRC QS?

WRC QS is an Australian-owned and operated family business. We do not come under the umbrella of a larger multinational company. We focus on client satisfaction, which has been the key to our great reputation in the industry. Our high quality, accurate and easy to understand reports at competitive prices have made us the preferred tax depreciation company for many accountants.

The experience we have with tax depreciation schedules in Brisbane, the Sunshine Coast, Tweed Heads, and beyond gives us the in-depth knowledge to minimise your investment property tax.

Feel free to read some of our testimonials from our satisfied clients.

Contact us today

To speak to one of our highly qualified representatives, call us on 0422 401 509 and we can arrange an appointment. Alternatively, you can complete our online form or send us an email. Whether you’re in Brisbane, Mooloolaba, Rochedale or somewhere else, we can help.